Newell Rubbermaid concludes tough quarter
Home & Textiles Today Staff -- Home Textiles Today, May 2, 2014
Atlanta – Sales were nearly flat for Newell Rubbermaid, the maker of Rubbermaid storage containers, which reported its financial results today for the first quarter of 2014.
Net sales were $1.23 billion, a 0.7 percent decline versus prior year results, the company said. Income was $52.9 million, compared with $54.2 million in the prior year. Earnings per share were $0.19, compared with the prior year's $0.19 per diluted share.
Michael Polk, ceo, said in a statement that the company delivered solid results in the face of two events, a recall in its baby business and “the weather-related slow down on our U.S.-centric Home Solutions business.”
"We are confident in our full year financial guidance and expect the company's core sales and earnings per share growth to accelerate through the balance of the year as we significantly increase advertising and promotion investment levels in support of our brands and innovation,” Polk said.
The company reiterated its guidance for full-year 2014 adjusted earnings projection of $1.94 to $2 per share with core sales growth of 3% to 4%.